Canada Slaps $20 Billion in Tariffs on US Imports Amid Escalating Trade Dispute

Canada has taken a retaliatory stance against the US by imposing tariffs on $20 billion worth of US imports, escalating an 18-month trade dispute between the two nations. The tariffs, ranging from 15 percent to 50 percent, target sectors including steel and aluminum, dairy, appliances, agricultural equipment, pulp and paper, plastics, and electronics.

Canadian Prime Minister Mark Carney stated that Canada has the ability to pivot its economy away from reliance on the US market by expanding trade relationships with other countries. He acknowledged that this pivot would come at a cost, but emphasized that it does not compare to the cost of standing still.

A new poll by the Angus Reid Institute found that 62 percent of Canadians support Ottawa's decision to impose retaliatory tariffs. Sixty-four percent of respondents believe Canada will emerge from the current trade tensions stronger as it reduces its dependence on the US.

US Treasury Secretary Scott Bessent disputed this view, stating that Canada's tariffs would add only 0.02 percentage points to US inflation and cause 'no pain' to the American economy.